Energy Transfer LP provides energy-related services. The company owns and operates approximately 11,600 miles of natural gas transportation pipeline, and three natural gas storage facilities in Texas and two natural gas storage facilities located in the state of Texas and Oklahoma; and 19,830 miles of interstate natural gas pipeline. It also sells natural gas to electric utilities, independent power plants, local distribution and other marketing companies, and industrial end-users. The company owns and operates natural gas gathering and natural gas liquid (NGL) pipeline, processing plant, and treating and conditioning facilities in Texas, New Mexico, West Virginia, Pennsylvania, Ohio, Oklahoma, Arkansas, Kansas, and Louisiana; natural gas gathering, oil pipeline, and oil stabilization facilities in South Texas; and a natural gas gathering system in Ohio, as well as transport and supplies water to natural gas producer in Pennsylvania. It owns approximately 5,215 miles of NGL pipeline; NGL and propane fractionation facilities; NGL storage facilities with working storage capacity of approximately 50 million barrels (MMBbls); and other NGL storage assets and terminal with an aggregate storage capacity of approximately 17 MMBbls. The company provides crude oil transportation, terminalling, acquisition, and marketing activities; and sells and distributes gasoline, middle distillate, and motor fuels and other petroleum product. It offers natural gas compression service; carbon dioxide and hydrogen sulfide removal, natural gas cooling, dehydration, and British thermal unit management service; and manages coal and natural resources properties, as well as sells standing timber, leases coal-related infrastructure facilities, collects oil and gas royalty, and generate electrical power. The company was formerly known as Energy Transfer Equity, L.P. and changed its name to Energy Transfer LP in October 2018. The company was founded in 1996 and is headquartered in Dallas, Texas.
Analysts Set New Price Targets
A number of research analysts have weighed in on the stock. Barclays dropped their price objective on shares of Energy Transfer from $14.00 to $13.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 20th. US Capital Advisors reaffirmed a "buy" rating on shares of Energy Transfer in a research note on Wednesday, June 1st. Finally, Morgan Stanley raised their price objective on shares of Energy Transfer from $12.00 to $15.00 and gave the company an "overweight" rating in a research note on Tuesday, April 26th. Eight investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $14.25.
Energy Transfer Stock Up 0.7 %
ET opened at $10.97 on Wednesday. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.15 and a quick ratio of 0.98. The company's 50-day moving average is $10.62 and its 200 day moving average is $10.66. Energy Transfer has a fifty-two week low of $7.96 and a fifty-two week high of $12.48. The firm has a market capitalization of $33.86 billion, a P/E ratio of 8.78 and a beta of 1.90.
Energy Transfer Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, August 19th. Investors of record on Monday, August 8th will be given a dividend of $0.23 per share. This is a positive change from Energy Transfer's previous quarterly dividend of $0.20. This represents a $0.92 dividend on an annualized basis and a dividend yield of 8.39%. The ex-dividend date of this dividend is Friday, August 5th. Energy Transfer's dividend payout ratio (DPR) is presently 73.60%.
Insider Activity at Energy Transfer
In other news, Director Richard D. Brannon purchased 26,027 shares of the company's stock in a transaction that occurred on Thursday, July 14th. The shares were bought at an average cost of $9.47 per share, with a total value of $246,475.69. Following the completion of the transaction, the director now directly owns 388,347 shares of the company's stock, valued at $3,677,646.09. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.28% of the stock is owned by insiders.